Limited Obligation of City. The obligations of the City under this Agreement shall extend only to monies appropriated and encumbered for the purposes of this Agreement. Artist acknowledges and understands the City does not by this Agreement irrevocably pledge present cash reserves for payments in future fiscal years, and this Agreement is not intended to create a multiple-fiscal year direct or indirect debt or financial obligation of the City. The City is not under any obligation to make any future encumbrances or appropriations for this Agreement nor is the City under any obligation to amend this Agreement to increase the Maximum Contract Amount above.
Limited Obligation of City. The City's obligation hereunder is subject (i) to the law-imposed requirement that, if necessary, there must first be paid from the Pledged Tax Revenues the necessary and legitimate governmental expenses of operating the City, and (ii) the required payments to all warrant holders of the City, both existing and future. Notwithstanding the foregoing, to the extent that there are sufficient Pledged Tax Revenues available to make payments under the Warrant (which includes payments to the Warrant Fund) in any calendar year, but the same is not paid in whole or in part due to the fact that such Pledged Tax Revenues are used for the purposes of paying the necessary and legitimate governmental expenses of operating the City or any required payments to any other warrant holders of the City, then, in such event only, such amounts of Pledged Tax Revenues not paid under the Warrant (i.e., not paid to the Warrant Fund) shall be carried forward to subsequent calendar years and shall be paid to the extent that there are sufficient Pledged Tax Revenues available for payment in such subsequent calendar years. To the extent that such circumstances exist as of December 31, 2035, then this obligation of the City shall extend beyond December 31, 2035 until the earlier to occur of such carried forward amounts being paid or the Warrant is Paid in Full.
Limited Obligation of City. This Agreement, and the obligation of the City hereunder to pay and transfer Pledged City Sales and Use Tax Revenues to the Board of Education, shall constitute a limited obligation indebtedness of the City, payable solely from Pledged City Sales and Use Tax Revenues as and to the extent provided in Section 1 hereof, and nothing herein or in this Agreement shall constitute a charge against the general funds of the City; provided, however, that notwithstanding any other provision of this Agreement, none of the agreements, covenants or representations on the part of the City herein contained shall ever constitute or give rise to a debt of the City within the meaning of Section 225 of the Constitution of Alabama of 1901, as amended.
Limited Obligation of City. The City's obligation to pay the Reimbursement Amount constitutes a limited obligation of the City, payable solely from the Switch Fees received by the City for filled rail cars delivered to or shipped from CSS. Said obligation does not now and shall never constitute a general indebtedness of the City within the meaning of any State of Illinois constitutional or statutory provision, or give rise to any pecuniary liability of the City. Nothing contained herein, however, shall be deemed to exonerate or exculpate the City from liability in the event of willful or intentional failure to perform the duties assumed by it hereunder as to the completion of the system-wide improvements to the City Track and payment of the Reimbursement Amount from the Switch Fees for filled rail cars delivered to or shipped from CSS.
Limited Obligation of City. The City's obligation hereunder is subject (i) to the law-imposed requirement that, if necessary, there must first be paid from all revenues available to the City the necessary and legitimate governmental expenses of operating the City, and (ii) the required payments to all warrant holders of the City, both existing and future, which are secured by a pledge of the City’s sales and use tax and/or lodging tax.
Limited Obligation of City. This Obligation shall be payable solely from Excess Tax Increment, and shall not constitute a charge against the City's general credit or taxing power. The City shall not be subject to any liability hereunder, or be deemed to have obligated itself to pay Developer any amounts from any funds, except the Excess Tax Increment, and then only to the extent and in the manner herein specified.
Limited Obligation of City. 35 SECTION 8.03.
Limited Obligation of City. The City shall not be obligated to pay the principal of, or premium, if any, or interest on the Bonds, except from revenues arising from the pledge and assignment of the Loan and the other funds held or set aside in trust under the Indenture. The Owner hereby acknowledges that the City's sole source of moneys to repay the Bonds and to refund the Prior Bonds will be provided by the proceeds of the Bonds and payments made by the Owner pursuant to this Agreement, together with other revenues, including any drawings under the Guaranty Agreement or investment income on certain funds and accounts held by the Trustee under the Indenture, and hereby confirms that amounts available to pay all principal of, and premium, if any, and interest on the Bonds as the same shall become due (whether by maturity, redemption, acceleration or otherwise), have been calculated to be at all times sufficient for such purpose. Any obligation or liability of the City created by or arising out of this Agreement (including without limitation any liability created by or arising out of the representations, warranties or covenants set forth herein or otherwise) shall not impose a debt or pecuniary liability upon the City or a charge upon its general credit or taxing powers, but shall be payable solely out of the above-described revenues. Neither the issuance of the Bonds nor the delivery of this Agreement shall, directly or indirectly or contingently, obligate the City to levy any form of taxation therefor or to make any appropriation for their payment. Nothing in the Bonds or in the Indenture or this Agreement or the proceedings of the City authorizing the Bonds or in the Act or in any other related document shall be construed to authorize the City to create a debt of the City within the meaning of any constitutional or statutory provision of the State. No breach of any pledge, obligation or agreement of the City hereunder may impose any pecuniary liability upon the City or any charge upon its general credit or against its taxing power.
